April Monthly Market Comparison-HAR Report
April marked the 13th straight month of negative sales as housing throughout the Houston market and across the U.S. suffers the lingering effects of economic uncertainty with mortgage interest rates still in flux. Year-over-year single-family home sales were down 18.4 percent, but when compared to April 2019, before the pandemic, sales were down just 4.7 percent, and stacked against April 2018, five years ago, sales were up 3.9 percent.
In addition to the drop in single-family home sales, total property sales and total dollar volume also fell short of last year’s levels. Single-family pending sales dropped 2.8 percent. Active listings, or the total number of available properties, was 56.2 percent ahead of their 2022 level.
Months of inventory continued to improve in April, growing to a 2.7-months supply. Housing inventory nationally stands at a 2.6-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is commonly regarded as a “balanced market” in which neither the buyer nor the seller has an advantage.